Income verification plays an essential role in assessing an applicant's financial stability and ensuring they can meet their monthly rent obligations. Each background screening completed through Hemlane includes income verification through TransUnion.
How Does It Work?
When an applicant agrees to the Terms of Service of a TransUnion screening and enters their information, TransUnion gathers income-related data from various sources including employers, government agencies, and financial institutions. Advanced algorithms and analytics are then used to verify the applicant's income and compile a comprehensive report that is sent to both the landlord and the tenant.
This report gives landlords the information they need to make informed decisions about prospective tenants.
Please note that the income reflected in the screening report is generally within $5,000 over or under the applicant's actual income.
What Happens If the Screening Does Not Include Income Verification?
If the income verification results from TransUnion do not return as expected, an alternative method is available through Payscore. Payscore uses a secure bank sync to ensure the accuracy and completeness of financial data, helping you obtain the income-related information needed to make the right decision for your rental.